Bloomberg: “Bitcoin will approach record high of about $20,000 this year”

[pooya87]

i don't think it is possible to predict when the next big rally which will include reaching and surpassing the previous ATH, will start happening. of course there is a good chance that we see the start of it this year since we have had more than enough undervalued bitcoin with a prolonged accumulation but at the same time there is a lot of negativity going on that keeps postponing the start of the rally and lengthens the accumulation phase.

PS. Tether volume, market cap,... is like 90% because of altcoins and 10% because of bitcoin and that is if i am generous since nowadays about 2-3% of Tether is actually coming from bitcoin trading. and i think it will reach second and even first place (meaning above bitcoin) during the next rally as the next altcoin shitshow pumps and then their dumps begin and become much bigger than 2017 and as more exchanges and banks start putting restrictions and KYC on their users.
but all of that is off-topic in bitcoin speculation!

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[slaman29]

Well, it's not a surprise to be honest. Any donkey who knows about technical analysis can't ignore the historical charts AND the current trends of Bitcoin markets. And if we look at it, it's actually quite clear that 20k is possible. But, so is 1k. Back in 2018 I thought 2020 was the earliest we would get back to ATH but now that we're here, I think we definitely have to wait for 2021 at earliest!

[Chrystora123]

I realize that everything has a high possibility including the price of Bitcoin which will break $ 20k..  this is not the first time an analyst has predicted the price of Bitcoin even though most of their predictions have been missed.  seeing from the Bitcoin halving that went well a few weeks ago, I think ATH Bitcoin this year (until the end of 2020) is in the range of $ 16-17k..  

Talking about Tether, to be honest Tether's position surprised me, how can a stable coin pass through XRP.  this makes me think "maybe in the future Tether has a chance to become the first cryptocurrency to be adopted en masse"..

[buwaytress]

My first thought: this isn't actually a Bloomberg analyst though, rather, an analyst speaking on a Bloomberg show. But reading the thing itself, it does appear to be a Bloomberg opinion -- a bit unusual but okay, cool.

... at the same time there is a lot of negativity going on that keeps postponing the start of the rally and lengthens the accumulation phase.

I, for one, don't mind all the negativity. I'm far, far from my personal stack target, so I would really like a much longer time to accumulate. I would be actually cursing if we get ATH this year as I won't be able to maximise it, be a real waste, especially now am having to dig into reserves during this crappy covid time!

Here's to another year of price trolling;)

[wozzek23]

Everyone loves to hear how bitcoin will go up like crazy, plus whenever bloomberg writes about bitcoin they are very bullish as well.
I understand that they are a financial company as well but it makes me question if this is more about media side of the deal.

Who writes this, the person who is more involved in the media side that they want more and more clicks so they could make more money from the banner ads? Or is it the person who is working on the financial part of the bloomberg company that seen how awesome bitcoin is?

Because if it is the second one, at least we can be sure that it is simply a person who is bullish on bitcoin, there are millions of people who are bullish on bitcoin. However if it is the first and it is just media, I think they are writing about "AWESOME BITCOIN!!!" type of deal because they want you to share it everywhere bitcoin related and click it so they could make money.

[dentolas]

It is always the same music, creating more hype will make the price increase and one of the best things is to shoot predictions of record highs... I really hope we'll have a record high this year, but I have learnt that with BTC you never know and analysis and predictions are just that, reality is another thing...

[exstasie]

Tether volume, market cap,... is like 90% because of altcoins and 10% because of bitcoin and that is if i am generous since nowadays about 2-3% of Tether is actually coming from bitcoin trading.

It's rather difficult to say given how much fake volume there is on altcoin exchanges. There is a huge OTC Tether market in China which draws on BTCUSDT liquidity at Huobi, Binance, and Okex. Since 2018, downside BTC volatility drove the Chinese market away from BTC and towards USDT. Nothing to do with altcoins, which are plagued by fake volume on exchanges:

Chinese grey-market importers used to rely on bitcoin before the 2018 bear market, another OTC dealer, Roman Dobrynin, told CoinDesk. As the price was ever-growing, merchants and the intermediaries helping them buy crypto could make some extra money along the way.

But since the beginning of 2018, hoping that your bitcoin will still be worth the same or more at the end of the transfer became too risky.

“As the price was going down, tether became much more convenient to use,” said Dobrynin. “China is totally reliant on USDT, they trust in it a lot, plus it’s very liquid.” His own clients are mostly Chinese, and they usually find him by word of mouth, connecting via Telegram.

https://www.coindesk.com/tether-usdt-russia-china-importers

Like Bloomberg, I see the massive expansion of Tether as very bullish. Once BTC emerges into a long term bull market (outside of this 2018-2020 range) we could see OTC Tether traders flood back into BTC, the same way they started leaving BTC in 2018.

[KTChampions]

I have seen many such predictions. Some of them were seriously substantiated, some not, but almost all of them were equally successful (like a coin   ). It would be nice if the authors of such forecasts reinforced their confidence in them with real money (with the ability for an outside observer to monitor the trading position of the forecaster).
At the moment, this forecast (if successful) gives + 100% profit in less than a year. If the one who did it believes at least a little in it, then he is obliged to make a large financial bet on the success of this forecast.

[rhomelmabini]

New ATH - Very likely in 2021
In 2020 - Debatable!

I do agree that's it more likely 2021 as well unless there's more of accumulation right now since the pandemic is still raging on and people tend to find alternative for use like cryptocurrency other than fiat. I think we may see a drop later and coming months if we based on past halving data, $20k isn't the ideal price this year.

[pooya87]

It's rather difficult to say given how much fake volume there is on altcoin exchanges. There is a huge OTC Tether market in China which draws on BTCUSDT liquidity at Huobi, Binance, and Okex. Since 2018, downside BTC volatility drove the Chinese market away from BTC and towards USDT. Nothing to do with altcoins, which are plagued by fake volume on exchanges:

OK. but the effects of OTC trading, no matter its volume, on bitcoin market hence its price is so small that it is negligible. so we shouldn't really care how much Chinese or any other group of people in different parts of the word are trading bitcoin using USDT off the market.

[Slow death]

I've been closely following posts by Bloomberg, as it may outperform ETH given its market cap, although I see it a bit difficult, chances are, everything in Crypto can happen, but the fact that it's a stablecoin makes it Some interests are leaning on some investors who support blockchain.

every day I am convinced that Tether will be number 2 in coimarketcap in 3 years or less.

The economic damage hasn't even started to warm up. Economies have been in suspended animation. Only now when reality is eased back in is when it'll start to bite. A lot of businesses will have no clients to go back to. A lot of employees won't have a job to go back to.

with this manifestation that is having in the USA it is evident that the economic problems will be bigger than imagined and the opposition politicians are taking advantage of this situation to create more unrest in people and as people have no job and things have become more expensive , everything starts to get more chaotic

Let's be honest with each other, Bloomberg has always been very very bullish on Bitcoin (I suspect they have a ton of it but they are actually a software company at heart)

anyone who has bitcoin keeps making the price more than $ 20,000 to make a lot of profit

but the pandemic really caused the drop to be right at the worst possible time so I do not think we are going to see $20k anymore.

I agree with you, $ 20,000 for this year in my opinion is something that will not happen.

[exstasie]

It's rather difficult to say given how much fake volume there is on altcoin exchanges. There is a huge OTC Tether market in China which draws on BTCUSDT liquidity at Huobi, Binance, and Okex. Since 2018, downside BTC volatility drove the Chinese market away from BTC and towards USDT. Nothing to do with altcoins, which are plagued by fake volume on exchanges:

OK. but the effects of OTC trading, no matter its volume, on bitcoin market hence its price is so small that it is negligible.

Of course the OTC market affects the BTC market. Brokers fulfill orders on exchanges when they don't have OTC liquidity. When OTC supply dries up, buyers need to use exchanges and vice versa.

I'm saying we know a huge Chinese OTC market for USDT draws on BTCUSDT exchange liquidity, so unlike altcoin markets (which have huge incentives to pump fake volume) these markets are likely be "real."

Even if we subtract Huobi from the equation, since they didn't make Bitwise's cut, just compare BTCUSD and BTCUSDT volumes at the 10 exchanges with "real" volume:

24-hour BTCUSDT spot volume (plus Bitfinex): $620,677,865

24-hour BTCUSD spot volume (minus Bitfinex): $244,247,346

Liquidity and volume is everything. I assume as long as USDT is trading ~ $1 that BTCUSDT markets have a huge effect on BTC price discovery. Whether people like it or not, Tether is a very important part of the BTC market.

When BTC finally confirms a long term bull market (past the June 2019 high) some of those massive outstanding USDT holdings are going to start flooding back into crypto. That's bullish.

[kawetsriyanto]

$5k confirmed. Time to sell.

Is this kind of FUDs? Or a suggestion? 
You can say everything and it is not impossible but it seems unlikely to happen, mate.
Till now, I still believe that the positive trend in Bitcoin can continue. Bitcoin price is still struggling to break the next level. It's a good sign.

New ATH - Very likely in 2021
In 2020 - Debatable!

Even the new ATH in 2021 can be debatable as well.    But yeah, it seems more realistic.
Well, I don't expect too much on another surprise in Bitcoin price move this year. After some a big move before halving, I think we may face a correction time.

[carlisle1]

When the price starts to rise, many analysts appear making optimistic forecasts, this time we have the Bloomberg:

Bloomberg: “Bitcoin will approach record high of about $20,000 this year”

“Last year, the high was about $14,000, which would translate into almost double in 2020 if rotating within the recent band, and mean little in the big picture.”

do you think the article's arguments are solid arguments?

according to the article Mr Tether will be able to enter the scene again and will cause the price to increase a lot:

According to the report, another major reason for the appreciation of Bitcoin is the rapid growth of Tether (USDT). Last May, its market cap stood at $4 billion. A year later, it expanded to $10 billion. The increase in the circulation of the stablecoin indicates greater adoption of crypto assets

What do you think? are you ready to see $20,000 this year or do you think that even with miracles operated by Mr tether the price will not reach  $20,000 this year?

PS:

Mr tether just passed XRP:



Who knows in the future we will see Mr Tether in second place

How i wish that Bloomberg is like Harry Houdini that can predict things to happen,but its not though this brings positivity to Bitcoin supporter and may add enough strong and courage for us to Invest more and forget about selling until we reached that $20,000 again.

Anyway i still believe that this year will give us certain profit( maybe not big as what this thread means) so let us keep our currencies intact and if there are no rush please stop selling for a while just this year lets see what will happen.

[wxxyrqa]

How i wish that Bloomberg is like Harry Houdini that can predict things to happen,but its not though this brings positivity to Bitcoin supporter and may add enough strong and courage for us to Invest more and forget about selling until we reached that $20,000 again.

Anyway i still believe that this year will give us certain profit( maybe not big as what this thread means) so let us keep our currencies intact and if there are no rush please stop selling for a while just this year lets see what will happen.

The fact is that the Bloomberg report deals with the analysis of the bitcoin exchange rate for 2013 - 2014 and 2016 - 2018, where on the basis of this analysis it was concluded that before the end of 2020 we should expect an increase in Bitcoin prices of $ 20,000. It seems to me that primarily their statements are based on the bitcoin halving, as at the reporting point, after which the Bitcoin rate has changed in the past and will improve in the near future. It just seems to me that they were a little mistaken and reduced the period of a possible increase in the price of bitcoin, because according to the indicators of the past six years, significant changes in the cryptocurrency market should be expected already in the first and second quarter of 2021, and not until the end of 2020. but nonetheless, positive news invigorates cryptocurrency users and this is true.

[stomachgrowls]

How i wish that Bloomberg is like Harry Houdini that can predict things to happen,but its not though this brings positivity to Bitcoin supporter and may add enough strong and courage for us to Invest more and forget about selling until we reached that $20,000 again.

Anyway i still believe that this year will give us certain profit( maybe not big as what this thread means) so let us keep our currencies intact and if there are no rush please stop selling for a while just this year lets see what will happen.

The fact is that the Bloomberg report deals with the analysis of the bitcoin exchange rate for 2013 - 2014 and 2016 - 2018, where on the basis of this analysis it was concluded that before the end of 2020 we should expect an increase in Bitcoin prices of $ 20,000. It seems to me that primarily their statements are based on the bitcoin halving, as at the reporting point, after which the Bitcoin rate has changed in the past and will improve in the near future. It just seems to me that they were a little mistaken and reduced the period of a possible increase in the price of bitcoin, because according to the indicators of the past six years, significant changes in the cryptocurrency market should be expected already in the first and second quarter of 2021, and not until the end of 2020. but nonetheless, positive news invigorates cryptocurrency users and this is true.

I dont really believe much when it comes to technical aspects where people already presuming out that things do happen on a specific quarter of the year on just basing on what happened in the past.

Im aint saying that its not relevant but nothing can predict out on where the price would shoot up.This is a very speculative market, history can be made in a blink of an eye neither seeing a

very high increase or would go down to the ground.Lots of speculators in this field composing from ordinary people to popular ones, difference here is that they do make much more noise thats why

they do get that attention.

[Oceat]

$20,000 this year? Most likely going to happen next year. I myself believed that the halving in May is not enough to produce the $20k within this year. We will going to expect those figures next year and we might be able to witness the new ATH if we were lucky. As for now, we buy low and HODL until the Bitcoin bull run starts. We never know if Bitcoin would hit a new ATH like $100k like what the others said.

[sunsilk]

I am ready to see those speculations that they are making for this year. It's one thing that I want to see during this hard time starting from January of this year. And if that will happen, we're being rewarded despite the beginning of this year wasn't good at all.

It's a fact that whenever bitcoin starts to rapidly increase, they will come to tell us that they have an idea of how much the price of bitcoin will be at the end of this year. But in reality, they're all giving mere guess and 50/50 is still the chance of seeing it.

[slaman29]

Of course the OTC market affects the BTC market. Brokers fulfill orders on exchanges when they don't have OTC liquidity. When OTC supply dries up, buyers need to use exchanges and vice versa.

It's strange to me that a lot of people think OTC trading doesn't affect markets, but I think most people think about immediate price effect. If an OTC order is for 10000 BTC, it is at the same price and it doesn't cause price to suddenly spike, unlike on exchanges.

But you're right that it really does affect. Because the OTC broker who just sold 10k BTC still has to source and go to exchanges to get their bitcoin right?

[justdimin]

Things are not looking that way, bloomberg could be a great newspaper and the authors are great I am sure, they are probably working on finances and journalism together and can read charts and basically all around be savant on trading so we should trust them, but they are still just humans.

Do not consider these articles as "bloomberg", the mayor didn't write this, some intern at some thrown to corner and not looked at desk probably given task about crypto since he is young and he wrote this, so we are talking about some 23 year old crypto lover writing and bloomberg publishing it on website since why not you know? Do not trust just because there is bloomberg name on it, dude has over 60 billion dollars and spent couple hundred just to be nominee and gave up quickly, he doesn't care about money all that much anymore let alone crypto.